REC Inks MoU With RailTel To Finance Infra Projects In Telecom, Railway Signalling Projects

New Delhi, Nov 10 (KNN) State-owned REC Ltd has entered into a Memorandum of Understanding with RailTel Corporation of India to bolster India's railway communication and information technology infrastructure.

The MoU, signed on 9 November 2023, targets a range of projects including telecom, data centers, railway and metro systems and the KAVACH Train Collision Prevention System. REC Ltd. has agreed to commit Rs 30,000 crore in funding to RailTel Corp. of India. 

“The MoU extends to the possibility of financing overseas ventures related to high-speed rail, metro, IT network, and the upgradation of railway network, as part of bilateral country discussions and infrastructure projects in Southeast Asia and Eastern Africa where RailTel is currently focusing," an official statement said.

The MoU was inked by T.S.C Bosh, REC's executive director for Infrastructure and Logistics, and RailTel's company secretary, Jasmeet Singh Marwah. Following the signing, the officials explored further collaborative ventures in areas such as renewable energy and smart metering.

RailTel, a central public sector enterprise under the Ministry of Railways and a leading provider of telecom infrastructure and ICT services, operates an extensive optic fiber network across India.

REC, which attained Maharatna status in September 2022, has expanded its purview beyond the power sector, recently partnering with Punjab National Bank to co-finance up to Rs 55,000 crore in power and infrastructure projects. Additionally, REC has committed to funding various thermal and green hydrogen projects in Odisha totalling Rs 40,358 crore.

(KNN Bureau)